G7 ready to take ‘necessary measures’ to ensure energy market stability

Jitters afflict G7 nations as higher energy prices threaten to drive up inflation, damage purchasing power and stunt growth.Economy and finance ministers from the Group of Seven (G7) countries have vowed to do what it takes to stabilise roiling energy markets amid the US-Israeli war on Iran.“We stand ready to take all necessary measures in close coordination with our partners, including to preserve the stability and security of the energy market,” said the G7 in a statement after a teleconference organised Monday by France, which holds the group’s presidency this year.Recommended Stories list of 3 itemslist 1 of 3Rubio says Strait of Hormuz to reopen ‘one way or another’ amid Iran warlist 2 of 3‘Iran will never acquire nuclear weapons’ Rubio tells Al Jazeeralist 3 of 3Marco Rubio says President Trump prefers diplomatic solution to war on Iranend of listMinisters and central bankers from the G7 came together as Iran’s retaliatory targeting of Gulf oil producers and effective blockade of shipping through the Strait of Hormuz caused Brent crude prices, the global benchmark, to top $116 a barrel that morning.The G7, which includes the United States, Canada, Japan, Britain, France, Germany and Italy, called on countries “to refrain from imposing unjustified export restrictions” on oil, gas and related products, taking note of options suggested by the International Energy Agency (IEA) to manage demand depending on national circumstances.The IEA’s 32 members agreed earlier this month to release a record 400 million barrels of oil from strategic stockpiles to combat spiking global crude prices.“The likelihood of oil price rises and supply concerns affecting markets and economic growth has increased,” Japanese Finance Minister Satsuki Katayama said. “As such, we agreed that we cannot let this drag on.”British Chancellor of the Exchequer Rachel Reeves called for a “swift resolution in the Middle East”.